Story
Trump Declares Iran Ceasefire Over Amid Renewed Hostilities, Spiking Oil Prices
Summary
President Donald Trump announced the end of a ceasefire with Iran following a week of renewed military conflict in the Gulf, even as both sides agreed to continue talks. The escalation has pushed crude oil prices to their largest weekly gain in eight weeks, heightening concerns over global energy supplies.
President Donald Trump said on Friday that a ceasefire reached with Iran last month was over, following a week of escalating military hostilities that have roiled global energy markets. Despite the declaration, Trump confirmed that the U.S. and Iran had agreed to continue diplomatic talks, according to a post on his Truth Social platform.
Iran disputed the President's characterization of the events, with state television reporting that Tehran had not requested talks but had agreed to host a Qatari mediator. According to a Reuters report citing a person with knowledge of the situation, Qatari negotiators were in Iran on Friday in an effort to de-escalate tensions.
Market Impact and Strait of Hormuz
The renewed conflict has had a direct impact on commodity markets, with crude oil prices posting their biggest weekly rise in eight weeks. The uncertainty raises the risk of further disruptions to global energy supplies, particularly through the critical Strait of Hormuz.
Hostilities this week, which included attacks on three Qatari and Saudi commercial tankers, have centered on the strategic waterway, which carried approximately one-fifth of global oil supplies before the war. Senior U.S. officials said Friday that Washington is demanding Iran publicly guarantee it will stop all attacks on shipping in the strait.
AdMilitary Escalation and Background
The breakdown of the ceasefire follows a series of military exchanges. The U.S. launched retaliatory strikes on Iranian sites after the tanker attacks, which prompted Iran to respond with its own strikes on U.S. military sites in Gulf states. Iran's Health Ministry reported that the U.S. strikes killed 17 people and wounded 115 in six cities on Wednesday and Thursday.
In a separate social media post, Trump stated he had ordered the U.S. military to be prepared for strikes against Iran if it attempted to assassinate him, a threat he said was based on intelligence shared by Israel. The month-old interim deal was intended to end a conflict that began on February 28 and has since killed thousands and created fears of a global economic downturn.